Latvia Golden Visa, also known as Latvia Investor Visa is one of the best ways to gain Latvanian Citizenship, helping the investor to have access to Schengen area residency. Being a part of the European Union and ranked 10th in the global passport ranking index, it not only offers the benefits of Latvia residency by investment, but also provides you the access to 185 other countries visa free, opening doors to seamless opportunities for businesses to grow and prosper.
In order to understand it better, let’s dive deep to understand things in a better way and discover why it is one of the best options for businessmen and entrepreneurs.
What is Latvian Golden Visa?
The Latvian Golden Visa is an immigration program proffered by the government of Latvia with the sole aim to attract the foreign businessmen and entrepreneurs. This allows them to have Latvian residence permit by accomplishing some investment requirements.
Investment Options in Golden Visa program
There are majorly 2 types of investment options when it comes to the Latvia Investor Visa
1) Business Investment
Within this business investment option, there is a:
- A minimum non-refundable donation of EUR 50,000 to a business that employs up to 50 workers and also maintains an annual revenue of EUR 10 million.
- The same investor is in obligation to contribute EUR 10,000 in the State budget, plus the processing fee is also applied.
2) Real estate Investment
Another option investors have with them is to invest in the real estate market in Latvia. Under this category an investor is expected to put in EUR 2,50,000 in the market alongside a 5% state fee.
But with this there is a condition attached, which has to complied with:
- In the regions of Riga or Jurmala, you can only invest in 1 unit.
- In other regions, this investment can be up to 2 units having a combined valuation of EUR 2,50,000.
Property shall be kept invested as long as you want to maintain the temporary Latvian residence permit. After 5 years of holding it, this permit can be extended to 5 years more. To apply for the Latvia permanent residency through real estate investment you must hold onto the property as invested. If you decide to sell it, you won’t be able to get permanent residency.
Latvia Golden Visa requirements for investors
Eligibility
The basic requirements for investing in Latvia for residency are as follows:
✔️ Minimum 18 years of age
✔️ Must be from non-EU, non-EEA, and non-Swiss countries
✔️ Clean criminal record
✔️ Good Health
✔️ No outstanding liabilities of tax anywhere in the world
✔️ Must have financial record proof to sustain themselves with family in the country
✔️ Holding the investments to a minimum of 5 years
✔️ Minimum of 1 year of health coverage for applicant and dependents
Documents Required
While maintaining the above eligibility points, one should also have the documents required for the Latvia Golden Visa to process it ahead. The following documents will be required:
1) Proof of Investment
This document will help confirm to the government how the investment has been made in the country, i.e., through real estate, business, government bond investment, or bank deposits.
2) Application Form
A fully completed application form shall be attached for the Latvian residence permit.
3) Valid Passport
A valid passport with all the previous visas of the applicant, if they have any.
4) Comprehensive Health Insurance
Valid and comprehensive health insurance with a cover of at least 1 year for the main applicant and dependents.
5) Certificate of Clean Criminal Record
An official document or certificate proving that there is no criminal record of the applicant where he/she has stayed, i.e., their home country and/or any country where they have inhabited for more than six months in the past five years.
6) Financial Stability Proof
Documents such as bank statements, income statements, or proof of assets, proving that an applicant has:
✔️ EUR 8,400 as a minimum bank balance.
✔️ EUR 4,200 for the spouse.
✔️ EUR 2,520 for each dependent.
7) Source of Fund Proof
All the proofs pertaining to the source of funds shall be disclosed and submitted.
8) Certificate of Tax Compliance
Applicants shall possess a declaration stating that there are no tax debts worldwide.
9) Medical Certificate
For Latvia Golden Visa, an applicant shall possess a medical certification stating that they are of good and sound health.
10) Photographs
Applicants need to provide recent passport-sized photographs of themselves and their dependents.
11) Proof of Relationship with Dependents
In order to prove the relationship with the main applicant, spouses have to produce marriage certificates and birth certificates of children.
12) Address Proof
For address proof, any utility bill would suffice, provided it is not older than 3 months.
Cost Involved in Golden Visa of Latvia
The cost of this Latvia Golden Visa is solely dependent on the type of investment they are doing in the country:
1) Property Purchase
For gaining Latvia residency through real estate investment a 5% on the property value, with a minimum investment of EUR 2,50,000, shall be given to the government along with 2% of the stamp duty for registering the ownership.
2) Investment in Business
With a minimum investment of EUR 50,000, a business ought to pay EUR 40,000 annually to maintain the residency in Latvia through investment.
3) Bonds of Government
A minimum of EUR 2,50,000 has to be invested against the Government bond investment.
4) Deposits in Bank
The minimum deposits maintained in the Latvian bank is EUR 2,80,000
Processing Time of Investment visa of Latvia
If everything goes fine and there are no unwanted delays, for the Latvia Golden Visa it takes somewhere between 30 days to six months.
Step-by-step guide to Latvia Golden Visa application
In order to obtain the Latvian residence permit and hand in hand enjoy the benefits of EU residency by investment, an applicant needs to follow a particular procedure. If this is done without any hindrance, within a short span of time one can enjoy the benefits of travelling through Europe invariably increasing the chances of expanding the business.
1️⃣ Make investment in Latvia and get the documents processed.
2️⃣ When your documents are approved, you’ll receive a temporary D-visa, which makes you travel to the country and get the 5 year extension to stay in the country.
3️⃣ Make sure the temporary residence permit is renewed each year and in order to maintain the Latvia residency permit, make sure you get it renewed every 5 years. The latter has to be accompanied with intact investment which was done initially.
4️⃣ To get the Latvia permanent residency after 5 years of investment, make sure you spend maximum time in the country with a temporary visa i.e. minimum 183 days and pay taxes.
5️⃣ At last, obtain the Latvianian passport.
Benefits of Latvia Investor Visa
There are many ways that the Golden Visa program can benefit you as a businessman or an entrepreneur. Following are those benefits:
1️⃣ This visa opens up your EU residency options and provides you with the Schengen Area residency option. This means you can travel anywhere in Schengen countries without the need of a visa.
2️⃣ Being the 10th most powerful passport in the world, the permanent residency of the country offers entry to 185 countries without visa.
3️⃣ Very affordable visa.
4️⃣ Permits family to be taken with the main applicant.
5️⃣ Very minimal physical presence needed in the country
6️⃣ High standard of living
7️⃣ A quicker route to permanent residency and Latvian citizenship.
In a nutshell, if you are seeking a quicker way to attract a wider audience for your business and settle down in foreign land, then the Latvia Golden Visa is best for you.
Frequently Asked Questions
